Emotional Intelligence is comprehending the emotions, moods, and impulses of the buyer. The companies have to understand the needs of their customer and know what they expect from the product. They should also develop good relations with customers by understanding their requirements and also take feedback which helps them improve their product. They should also understand how their product will have impact on the customers life. Having a good EI leads to success of a company.
Emotion intelligence is the ability to acquire and comprehend the emotions of one's self and others. This skill is required for forging and handling all kinds of interpersonal relationships. In terms of selling, the sales representative will be able to successfully pitch the product based on the client's needs, values, and preferred approach. For example, the pitch can focus more on quality, ethical sources, financial value, or multifunctionality, depending on the type of client. The marketing team will also benefit from EI by understanding the demographic they should target and adjust their method of advertisement accordingly. For example, a product intended for younger individuals may receive more effective exposure using social media platforms. EI is crucial in establishing a strong and positive relationship between the sales representative (and medical device company) and the client. For example, a medical device company may be interested in forging a long term relationship and agreement with a neighboring hospital. The sales rep. can convince the hospital to choose his/her company as the main supplier of a type of pacemaker, for example. Based on the physician's desired functions, core values (like safety of the patient, honesty), existing devices at the hospital, and other factors, the sales rep can tailor the sales pitch. This can only be accomplished if the sales rep. possesses EI.
A lot of marketing espcially these days applys a lot of what is being researched in the psychological field. These days a lot of advertisements are made with a psychological research background. Human brains are complex especially the unconsciousness of one's mind. The research paper essentially explains easily how marketers with high EI are people who are able to read someone's mind and emotion and use it to its fullest. For example, when we are talking to someone close we are able to understand there emotion and intentions which is exactly what the marketers with high EI are doing just way faster and better. If a friend that we trust told us that this project is good we will believe them and try it. The same goes for the marketers with high EI they can essentially convince someone the same way our friends convince us.
Emotional intelligence refers to the ability to be aware of, understand, and communicate one’s own emotions, as well as the ability to empathize with others and communicate effectively in interpersonal relationships. Emotional intelligence is considered an interpersonal skill that is being assessed for in jobs now, as someone with a high level of emotional intelligence is viewed as a good leader. Having strong or weak emotional intelligence can affect every area of one’s life accordingly. People with strong emotional intelligence tend to handle interpersonal relationships better, whether platonic, familial, or romantic. They tend to do better at work and at school as well, and do a better job at managing their health by recognizing stressors and handling them accordingly.
I believe emotional intelligence plays an important role in sales, because it allows you to understand others and form relationships. Many people in sales, particularly for medical device sales, for connections with their clients. They frequent laboratories and medical offices frequently. They speak with customers regularly. It is more likely that a customer will stay with a company and even buy more from that company if they have a positive relationship with the sales person.
From a marketing viewpoint, many people are swayed by their emotions. Commercials or advertisements that evoke emotions are more likely to be memorable and will likely sway a customer to purchase. For example, many advertisements for an allergy medication often portray the actor or actress with a headache and an inability to perform daily functions due to the hindrance of their bad allergies. Many people can probably relate to this scenario. By the end of the commercial, the actor or actress is feeling well and able to get back to daily life. A feeling of hope may be inspired by the consumer, and they are likely to discuss the medication with their doctor or purchase the medication OTC.
In my opinion, emotional intelligence (EI) does not just encompass the ability to discern behaviors, emotional responses, and impluses of prospective client; it is the absolute key to fostering and sustaining both business and personal relationships. EI implores us to be attentive to the needs, values and even physical cues of the other person. Thus, an effective medical device representative will be to persuade the physician who only trusts evidence-based research with a proliferation of studies and articles from major scientific journals, yet promote the safety features and clinical efficacy of a physician who is cautious about any device or product that adversely affects his patients, and yet still sell the vision of how the medical device will transform how treatment has been historically for the physician looking to win the Nobel Prize!
That EI would correlate strongly with medical device customer acquisition and retention should come as no surprise, EI is synonymous with effective customer relationship management. In fact, the emergence of the technology industries and online marketing methods how found ways to mimic emotional intelligence through the use of algorithms to engage and capture internet surfers of all types.
Emotional intelligence is one’s ability to modify their emotions to a scenario (i.e knowing when to be empathetic, knowing how to respond to the emotions of another person and how to control your own in an appropriate manner)
I think EI can affect success in selling because empathizing and playing to certain emotions can often help convince people to choose your product over other products. If people feel moved or connected to the product they may be more inclined to buy it.
In terms of marketing, I think being aware of the impact of EI is highly important. While buyers may build associations around a product themselves, marketing can use EI to improve and build these associations in a more artificial and efficient manner.
In terms of medical devices, EI is often used by having patients recount how much the product has improved their life. When it comes down to medicine, playing off the feelings of pain, the improvement of pain, and success are fairly effective. (At least in cases where the patient is informed of the product and is then encouraged to ask their doctor about if the product will be good for them)
Emotional Intelligence (El) is defined as a type of social competence involving the ability to monitor one's own and others' emotions, to discriminate among them, and to use the information to guide one's thinking and actions. This involves a set of skills or abilities that can be innate or developed with time. EL is needed in the marketing and sales world when the concept is fully understood and applied.
Seller's greater emotion recognition during negotiations with buyers can increase payoffs. By increasing joint values, sales professional create greater outcome satisfaction for buyers and increase the likelihood of future business (Martin et al. 2008; Mueller and Curhan 2006).
This helps to build a relationship with the customers while targeting and getting to know their emotional factor that influenced the buyer to buy a certain product and what triggered them to buy. This helps the company establish a good sense of communication with the customers and know how to please them and work with them in giving them the satisfaction needed.
I believe EI is not only important in marketing, but in every facet of life where you need to interact with others. Humans are strongly influenced by their relationships with others, so practicing EI will inevitably benefit the individual and groups of people. This is particularly important in marketing, since those in marketing rely on successful interpersonal relationships to sell products. Not only does having high EI facilitate higher levels of success in persuading the consumer to buy the product, but it also helps those in marketing cope with unsuccessful pitches. When someone with high EI fails to successfully sell a product, due to uncontrollable factors, they are more aware of the possible reasons leading to unsuccessful sales, thus helping them cope better. In other words, they are aware of what is and isn't in their control. Additionally, someone with high EI could develop greater resilience from dealing with people of different personalities and backgrounds, thus helping them stay on the job for longer periods of time or helping them stay motivated. Therefore, although EI is important in generating sales, it is also important for keeping those in marketing stay motivated and resilient.
Emotional Intelligence is a combination of self-awareness, self-regulation, motivation, empathy, and social skills. Employees with great emotional intelligence are generally more personable and have great interpersonal skills. EI is extremely beneficial and important to marketing employees. The ability to know and communicate with your customers is the best way to sell products. The medical device industry generally deals with individuals of high general intelligence e.g. doctors, surgeons, and other professionals. Therefore, someone with high EI will have an easier time communicating with these individuals.
Kidwell et al. talk about Emotional Intelligence in marketing is a crucial fact. In the paper, it is suggested that Emotional Intelligence is a key factor in sales performance. Sales performance is basically defined with Customer Retention and Sales Revenue. In the study, when emotional intelligence is compared with Cognitive Ability, we can see significant results suggesting that although Cognitive Ability has some effect, Emotional Intelligence is more important n sales performance. Although this is not my area of expertise, I have failed to see something that could impact the results. My question is, in what industry or for what service & product these results were achieved? Would we see the same trend in for every industry, product, or service that a person with higher Emotional Intelligence would be better at sales performance than people with higher cognitive ability? Again this is not my area of expertise, and I didn't do any study myself. Personally, I would like to see a study made with different products, services, and different industries. Roughly speaking, when you try to work on a car as a product rather than a biomedical device, I don't think Emotional Intelligence would play many roles in sales performance. I am not saying Emotional Intelligence doesn't have any impact on it. According to a different industry, product, or service, emotional intelligence might not be the major feature that can help with sales performance.
A successful project manager would make sure to include the sales rep from the beginning of the product planning phase because the sales rep would have a better idea of the consumers needs. it helps the company connects well with the consumers opinion of the product and feedback. a good sales rep knows how to deal with emotions of consumers and by utilizing EI they sales rep could help companies have a great turn out for sales
You present a good point in portraying a limitation on the degree of relevance of EI to other markets. However, from reading the article I think the main point of EI being an essential part to customer retention and sales revenue is translatable to all markets. I think it can easily be translated to the automotive industry, for example, if the sales person is able to identify emotional queues that could potentially motivate the customer to purchase the item, he or she would exploit them. From going to a lot of car dealers, the first thing that they try to do is build a small relationship with the customer in order to break the ice and provide comfort to the customer. Often times, the conversation begins with a short question and answer in which a sales person tries to learn as much from the customer as he or she can to know how to approach them. Therefore, building an emotional connection between the two and subsequently exploring "likes" or "desires" that the customer may not have mentioned at the beginning. This is something sales people do when selling and sometimes makes a difference between a customer getting a cheap lease or finance or the luxurious "car of their dreams" with the huge price tag. This is just one example of a different market where EI is used, but it can be translatable to every market (in my opinion).
A successful project manager would make sure to include the sales rep from the beginning of the product planning phase because the sales rep would have a better idea of the consumers needs. it helps the company connects well with the consumers opinion of the product and feedback. a good sales rep knows how to deal with emotions of consumers and by utilizing EI they sales rep could help companies have a great turn out for sales
This is an important point to make. inclusion of a sales rep from the beginning of a product's planning phase allows the rep to grow with the product. They'll know the ins and out of that device in more detail and from the perspective of the team developing better, in comparison to a sales rep that's brought in in a later phase of the developmental cycle.
Emotional intelligence is crucial for businesses to comprehend since it focuses on the emotions of customers, whether they want to buy a product or not, and what their present demands are. As said in the lecture, the firm should design goods for current consumer requirements, and it is their duty to persuade the buyer that they need the product before they even realize it. Furthermore, emotional intelligence aids in connecting with customers; this aids the company in establishing a good sense of communication and receiving feedback from customers who are using the product in order to better satisfy the general public; all customers appreciate companies that listen to their suggestions in the next iteration of the product.
Emotional intelligence (EI) is one's ability to pick up on another's emotional state and adapt their own emotions in order to effectively communicate and "produce beneficial outcomes". EI, like any intelligence, requires work and application in order to hone it especially if one did not have the most optimal upbringing to foster it. EI is an incredibly useful tool to have especially with today's generation's focus on mental health and social justice. It can make interactions much easier if applied well.
For selling, EI allows one to monitor and empathize with customer needs in order to effectively tailor their interests to a product. Having EI can make one incredibly versatile when trying to sell a product. People often dismiss salespeople that come with a script, but if they were to possess high EI, salespeople could adapt more to the customer. These salespeople could also report customer needs and emotions to marketing to highlight the product better according to how customers feel about it.
For medical device sales and marketing in particular, EI can be beneficial when interpreting a user or human factors study. Understanding what participants were included in the study, conditions of the study, and what their observations and opinions were can assist marketing in relaying information back to engineering, R&D, etc.. It can also prepare sales by giving them an idea as how to consumers may view the product and adapting to that view when the time arises.
